Updating EIN for 1099

[marc_nook]

Hi there - 

We changed our business from an LLC to an Inc on 1/1/24.  

I just changed the EIN via Tax Forms in Square. Will the 1099 generated be assigned to the new EIN for ALL of 2024?  We need this to happen, as the LLC was officially shut down on 12/31/23.  

I wasn't sure if I needed to call in to Square to make sure the new EIN will cover all of 2024.

Thanks for any info!

[TheRealChipA]

Hey @marc_nook.  The EIN will be changed effective the date that you made the change with Square and that it was implemented.  If you just changed it (in the middle of August) then you will get two 1099s — one for the old EIN, one for the new one.  That can’t be retroactively changed as Square is restricted by IRS regulations.  If you processed cards this year using the old EIN, that is the one that will be credited with the sales.  

Having said that, your accountant can tell you what steps you need to take to combine all sales under the new EIN, if that is possible.  We can’t really give you accounting/tax advice here, however, as that violates the TOS for the Community.

Best,